China raises retail fuel prices

A worker fills up a car with fuel at a gas station in Lianyungang city, East China's Jiangsu province, Feb 9, 2015. [Photo/Xinhua]

BEIJING - China will raise retail prices of gasoline and diesel due to rising international crude oil prices, the top economic planner announced Wednesday.

The National Development and Reform Commission said gasoline prices will be lifted by 175 yuan ($25.41) per ton and diesel prices by 170 yuan per ton from Thursday.

Under the current pricing system, if global crude price changes lead to price increases or declines of more than 50 yuan per ton for domestic refined oil products, and remain so for 10 working days, gasoline and diesel prices are adjusted accordingly.

This year the commission has cut retail fuel prices five times and raised them eight times.

Global crude prices are rebounding strongly as OPEC is in talks on yield reduction. Some crude exporters have already moved to cut supply.